Mylan Earnings: Double-Digit Profit and Revenue Growth

S&P 500 (NYSE:SPY) component Mylan Inc. (NASDAQ:MYL) reported its results for the third quarter. Mylan is a global pharmaceutical company that develops, licenses, manufactures, markets, and distributes pharmaceuticals and active pharmaceutical ingredients.

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Mylan Inc. Earnings Cheat Sheet

Results: Net income for Mylan Inc. rose to $212 million (51 cents per share) vs. $156.7 million (36 cents per share) in the same quarter a year earlier. This marks a rise of 35.3% from the year-earlier quarter.

Revenue: Rose 14.9% to $1.81 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Mylan Inc. fell short of the mean analyst estimate of 77 cents per share. It beat the average revenue estimate of $1.66 billion.

Quoting Management: Mylan Chief Executive Officer, Heather Bresch commented: “Mylan delivered another outstanding quarter of top- and bottom-line growth, with strong double-digit growth in our Specialty, North America, and Asia Pacific businesses and a return to growth in EMEA. It is notable that we delivered adjusted diluted EPS for this one quarter in excess of our earnings for all of 2008-the first full year following our Matrix and Merck KGaA generics acquisitions-providing further evidence of our ability to generate optimal organic growth from our global scale and operating leverage.”

Key Stats:

Revenue has risen the past four quarters. Revenue increased 7.5% to $1.69 billion in the second quarter. The figure rose 9.9% in the first quarter from the year earlier and climbed 6.7% in the fourth quarter of the last fiscal year from the year-ago quarter.

After beating analyst estimates for the two previous quarters, the company fell short of forecasts. In the second quarter, it topped the mark by 5 cents, and in the first quarter, it was ahead by one cent.

Net income has increased more than twofold year-over-year on average across the last five quarters. The biggest gain came in the fourth quarter of the last fiscal year, when income climbed more than sixfold from the year-earlier quarter.

Looking Forward: Expectations for the fourth quarter have not changed from 64 cents. Over the past three months, the average estimate for the fiscal year has climbed from $2.51 per to share to $2.52.

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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